In a report published Monday, Bank of America Merrill Lynch analyst Jana Galan maintained a Neutral rating on Education Realty Trust (NYSE: EDR) and raised the price target from $10.00 to $10.50 following investor day and property tour.

Galan commented that she was impressed with the management team and property tour in Lexington, Kentucky. Management expects to generate three to four percent in SS NOI growth in 2015 and 2016, assuming +1.1 percent college enrollment growth through 2021 and supply trends. Education Realty Trust introduced above-Street 2015 Core FFO per share guidance of $0.78 to $0.82.

Despite a great impression of the team, property and relationship with the University of Kentucky, the analyst reported that valuation keeps Bank of America Neutral.

Galan wrote, “We were impressed with EDR's relationship with the University of Kentucky and the tour of Central Hall and future facilities under construction, which are expected to deliver on time. The President of the University of Kentucky, Dr. Capilouto, spoke about the priorities for the university when he arrived as the new president, including the revitalization of housing, and the selection process to choose EDR as their partner. U. of KY chose a partner that they trusted with the process, who were experts in student housing, and had transparency given it is a public company. U. of KY had a “huge need” and “limited capabilities” in requesting state funding – and speed of delivery was important to them.”

Shares of Education Realty Trust closed at $10.10 on Thursday and are currently trading at $10.15, up 0.495 percent.